Binance Coin, Ripple & Cardano — Asian Wrap 21 November
Binance Coin (BNB) price action took another leg lower after, from a purely technical point of view, receiving a firm rejection on its topside while trying to recoup the losses from last week. For now, the price action remains underpinned.
Ripple (XRP) price is seeing bulls sticking to their guns after adventurous bulls came in and bought the dip near the low of the current low of November last week. Although XRP recovered a bit at the beginning of this week, as more headlines came out on the aftermath of FTX, the polish missile impact was the key trigger that flipped price action to the downside and bruised the bullish recovery sentiment.
Cardano (ADA) price is on the brink of a big collapse as price action almost comes to a halt, with traders unable to claw back after the purge from last week. It is almost becoming a perfect storm as the number of bearish elements exceeds the number of bullish positives in ADA.